It PAYS to shop around.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
But I’m here to help!
I’m a VERICO Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love.
I have access to mortgage products from over forty lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
VERICO mortgage specialists are Canada’s Trusted Experts who will be with you through the life of your mortgage.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the VERICO Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
Saving You Money
Good Day;A lot of my clients have taken the attitude that their mortgage payment is the same as a utility payment. That is to say you know what the scheduled payments amount is and the day it comes due. You set up your budget and just follow along on that schedule. This just what the banks want you to do. That way they get the maximum amount of interest out of you. This does not change even with a lower rate, they want the maximum amount of interest for what ever the rate is . I can better explain this with the following example:Principal amount of the mortgage $200,000.00Interest Rate 3.75%Amortization of the Mortgage 25 YearsTerm of the mortgage 5 yearsMonthly payment $1025.11Total Payments (25 years) $307,534.04Total interest paid (for 25 years) $107,534.04(Because the rate is not likely to stay the same for 25 years there will be some allowance to take, however for simplicity sake we will just use the same rate for the full 25 years)As you can see the bank will get $107,534.04 in interest from you. And you will take 25 years to payout the mortgage.Now lets look at what happens if you handle your mortgage as an investment. You will only have to do ONE simple step to save Thousands of dollars in interest.Here is the plan:Principal amount of the mortgage $200,000.00Interest Rate 3.75%Amortization of the Mortgage 25 YearsTerm of the mortgage 5 yearsMonthly payment $1025.11 Change this to Accelerated Bi-weekly PaymentsTotal Payments (25 years) $307,534.04Total interest paid (for 25 years) $107,534.04New Plan results:Principal amount of the mortgage $200,000.00Interest Rate 3.75%Amortization of the Mortgage 25 Years now changes to 22 yearsTerm of the mortgage 5 YearsBi-Weekly Payment $ 512.55Total Payments (22 years) $292,837.55Total interest paid (or 22 years) $ 92,837.55That is a saving of $14,696.49I know you do not get paid every two weeks, .you get paid once a month or most likely on the 1st. and the 15th. so you can’t make a payment every two weeks.YES YOU CAN AND YOU BETTER OR IT WILL COST YOUHere is the simplest way to do it.Open a separate bank account strictly for your mortgage and taxes, it can be in the same bank you use for everything else, Deposit the equilivent of one months mortgage payment plus 1 12th. of your annual property taxes ( you can deduct the Home Owners Grant for them) then every month you deposit the same amount into that account. You can make two deposits of 1/2 the amount if that works for you, just start the account with a full a months payment.You then tell the bank that holds your mortgage to withdraw 1/2 of the monthly payment every 2nd. Friday (or any day you choose) and let it take care of itself. You will end up with money in that account which you will use for your taxes. Remember in BC your taxes are always due the first week of July. You pay a full years taxes at this time. Taxes run fro January 1 to December 31. So in July you are paying 6 months in arrears and 6 months in advance. If you start your mortgage bank account in January you will need to top up the tax account portion so you have enough to pay the full amount in July.If you would like to play around with this scenario you can go to my website WWW.CLAYTONCARBY.CA and look for the calculators on the left side of the front page.Also remember if you have any questions do not hesitate to call me. 604-740-6849Thank You Clayton B. Carby AMPTHE MORTGAGE ADVANTAGE
Top five home renovations that increase property value
Looking to increase your homes property value? Here are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment 5-6x what they cost.
Flooring is one of the most important aspects of your house. You will see an immediate rise in property valuation with the installation of hardwood floors. Existing hardwood floors that you can refinish are ideal as they are less costly to restore and in higher demand than new flooring materials. For the bathroom, tile will always be in demand and retain value exceptionally well.
Kitchens often look tired and dated, in large part due to old fixtures. Replacing or updating cabinet hardware, light fixtures, countertops and faucets will result in an immediate increase in your homes value. This small, but effective upgrade will also revitalize the entire home. Pot lights are in high demand in open concept style homes.
Thebathroomis the second most important room in the home in terms of valuation. If you can add a three-piece bathroom to a home with only one full bathroom, you will see a dramatic rise in the market value of your home. While you should never compromise bedroom space for a bathroom, try sneaking one in dead space in the home. Scott managed to fit in a 3-piece bathroom under a staircase the width of the room measured just 44 inches. As an added tip, use glass for the shower to make the bathroom feel more spacious.
Kitchens are the single most important room in the home relating to valuation. The kitchen can make a significant difference in the value of your home. As such, it is crucial that you invest in having a modern, fresh anddesirable kitchen. Modern cabinetry, under cabinet lighting and new appliances will all significantly increase the value of your home on the market. To save on cost without compromising construction and desirability, look at options like Ikea cabinets as opposed to custom cabinetry.
#1 An Income Suite
No surprise, but the single biggest way to increase the value of your home is to build an income suite within the property. Whether this is converting yourbasement into a rental, or another floor in the home, an income property will increase your homes worth. The main reason for this is that it covers a portion, or sometimes all of your mortgage payments, and results in your home being cash flow positive which creates real wealth that can supplement your income.